Advanced Phase Change Materials (PCM) Market to Aggregate USD 3.87 Billion By 2030
Advanced phase change materials (PCM) are substances with a high capacity to store and release large amounts of energy in the form of latent heat during phase change. Energy radiation is emitted when the material’s physical state changes at a constant temperature. The purpose is to utilize latent heat.
The growing usage of phase change materials in lightweight construction on account of their ability to replicate the thermal mass effect is anticipated to drive the industry growth over the forecast period. Additionally, the industry is expected to grow due to the rising application scope in the textile industry on account of temperature-balancing properties.
According to the research report published by Polaris Market Research, the global advanced phase change materials (PCM) market was valued at USD 1.45 billion in 2021 and is expected to reach USD 3.87 billion by 2030, to grow at a CAGR of 12.4% during the forecast period.
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Advanced Phase Change Materials (PCM) Market: Growth Drivers
Government regulations to reduce greenhouse gas emissions to drive the market
The US is anticipated to account for a significant share of the advanced phase change materials (PCM) market due to strict government regulations to reduce greenhouse gas emissions. The growing usage of phase change materials in the automotive industry will likely contribute significantly towards the advancements. Further, growing product use in the HVAC industry to increase and improve energy savings is anticipated to drive growth.
Reduced reliance on traditional resources and increasing emphasis on reducing greenhouse gas emissions will likely improve product demand. Growing demand for energy-efficient green buildings, increasing focus on enhancing the indoor climate, and raising and building inertia is anticipated to augment product demand over the forecast period.
Geographic Overview: Advanced Phase Change Materials (PCM) Market
The growing need for the product in the cold chain and packaging to push the market
The demand in Europe is anticipated to witness significant growth. The tremendous impact of strict government rules, construction activities, and consumer expenditure propel regional growth. In addition, the growing need for the product in cold chain and packaging as well as building and construction is anticipated to drive demand.
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Advanced Phase Change Materials (PCM) Market: Report Segmentation
Insight by Product
Due to the low-cost paraffin wax utilized in the HVAC sector to boost the market
Based on the product, paraffin wax is frequently used because of its low cost and ease of usage in the construction and HVAC sectors. On the other hand, the product’s extreme flammability is projected to be a barrier to commercial expansion. The growing popularity of advanced phase change materials (PCM) will likely boost product demand over the forecast period due to recycling capabilities without material degradation, higher melting points, and better encapsulation.
Some of the major players operating in the global advanced phase change materials (PCM) market include Advansa B.V., AI Technology, Climate SWEDEN, Ciat Group, Cold Chain, Croda International, Cryopak Industries, Henkel AG, Honeywell International, Microtek Laboratories, Outlast Technologies, PCM Products, Phase Change Solutions, Pluss Advanced Technologies, PureTemp, Rubitherm Technologies, Sasol Limited, and Teappcm Limited.
In January 2020, Solvay’s polyamide business was acquired by BASF. With new and well-known products like Technyl, BASF’s polyamide capabilities are expanded.
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Advanced Phase Change Materials (PCM) Market: By Product Outlook
- Paraffin Wax
- Salt Hydrates
Advanced Phase Change Materials (PCM) Market: By Type Outlook
Advanced Phase Change Materials (PCM) Market: By Application Outlook
- Building & Construction
- Commercial Refrigeration
- Energy Storage
- Shipping & Transportation
Advanced Phase Change Materials (PCM) Market: By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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